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Bitcoin Briefly Tops $99,000, Crypto Stocks Gain in Overnight Trading

Bitcoin once topped $99,000, reaching a peak of $99,900, but then fell back and is currently trading at $98,383. Crypto stocks gained and then trimmed their gains in overnight trading. Canaan and Bakkt Holdings rose 5%; Bitfarms and Bit Digital rose 2%; TeraWulf rose 1%; CleanSpark rose 0.8%; MicroStrategy and MARA Holdings rose 0.4%; Riot Platforms rose 0.3%.

Russia Is Using Bitcoin in Foreign Trade, Finance Minister Says

Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Sanctions have complicated Russia's trade with its major partners such as China or Turkey, as local banks are extremely cautious with Russia-related transactions to avoid scrutiny from Western regulators.

This year, Russia permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including bitcoin. Russia is one of the global leaders in bitcoin mining.

Six Bitcoin Mutual Funds to Debut in Israel Next Week: Report

Six mutual funds tracking the price of bitcoin (BTC) will debut in Israel next week after the Israel Securities Authority (ISA) granted permission for the products, Calcalist reported on Wednesday.

All six will start operations on the same day, Dec. 31, a condition imposed by the regulator, Calcalist said. Final approval for the funds was granted last week.

The funds will be offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI, with management fees ranging from as high as 1.5% to 0.25%. One of the funds will be actively managed, trying to beat bitcon's performance. They will initially transact just once a day, though future products will be able to trade continuously, Globes said in a Tuesday report, citing market sources.

Bitcoin Analysts Eye Recovery to $105K, but ETF Flows Stagnate

Bitcoin analysts are eying an imminent Bitcoin recovery above the $100,000 mark despite a lack of institutional buying power due to the holidays.

Bitcoin’s price has been trading under the psychological $100,000 mark since Dec. 19 and is currently down 9.7% from its all-time high of above $108,300 recorded on Dec. 17, Cointelegraph Markets Pro data shows.

Still, Bitcoin’s price may experience a correction and exceed $105,000 once liquidity returns after the Christmas holidays, according to Ryan Lee, chief analyst at Bitget Research.

World's Greatest Angel Investor Warns That MicroStrategy Is Buying Too Much Bitcoin

Jason Calacanis, who is considered to be the greatest angel investor of all time, has suggested that business intelligence firm MicroStrategy might end up breaking "the game of Bitcoin" due to its massive purchases. 

Calacanis, a vocal MicroStrategy skeptic, believes that the company's massive buying spree could make the largest cryptocurrency unattractive for future Bitcoin buyers. 

According to the prominent entrepreneur, everyone will "rightfully" think that they are working for Saylor.  

Calacanis has suggested that investors are likely to move to another game if Saylor ends up consolidating too much Bitcoin. 

$69 Million XRP Transfer Stuns Major US Exchange Coinbase on Christmas

Despite Christmas Day and the festive mood it brings, the cryptocurrency market is still active and has participants on their toes as never before. This time around, it was the turn of XRP enthusiasts to pay attention, as Whale Alert reported a mysterious large-scale transfer of the tokens to leading U.S. cryptocurrency exchange Coinbase.

According to the report, over 30.17 million XRP, equivalent to about $69.24 million, were transferred from the unknown wallet with the address "rBgEsEX" to the Coinbase address "rUjfTQ."

The main concern of market participants in such cases is that a large transfer to a major exchange from what appears to be an individual wallet could be a sign of an imminent sell-off by a large unknown entity.